Vantage claimed that it had to look out for a last-minute alternative funding for its Platinum Explorer deep-water drilling rig, which was close to completion at a South Korean shipyard, following the blowout of BP’s Macondo well, reported Bloomberg.
The company said the subsequent massive oil spill had shut down much of the Gulf in April 2010.
In a filing with the New Orleans federal court on 3 April, Vantage lawyer Richard Mithoff was quoted by the publication as saying, "Vantage’s pre-spill financing window slammed shut, bond yields for ultra-deepwater drillship contracting companies such as Vantage spiked, and the post-spill financing terms available to Vantage substantially worsened."
As per the filing, the company had to pay the Korean shipyard $64.2m in instalment by 30 July 2010, and an additional $608m on delivery of its deep-water rig during November in the same year to avoid losing the Platinum Explorer rig.
Vantage said that it presented its claim to BP’s oil spill settlement administrator, which was denied subsequently.
